Regency Centers completed the $357-million acquisition of a portfolio of five suburban shopping centers located within the 23,000-acre Rancho Mission Viejo master-planned community. The portfolio includes Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace, totaling nearly 630,000 square feet.
The shopping center REIT did not identify the seller. However, the Orange County Business Journal reported it as Westar Associates, the developer of the properties.
“We are excited to expand Regency’s presence within this thriving Orange County community and to add these high-quality centers to our best-in-class operating platform,” said John Mehigan, SVP of investments in the West Region. “The addition of this portfolio enhances our position within one of the most supply-constrained coastal markets in the U.S.”
The portfolio is 97% leased with grocery tenant sales approaching $800 per square foot. Demographic trends in the community are strong, including three-mile average household income of approximately $200,000, Regency said.
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